{"id":683,"date":"2008-10-28T08:28:19","date_gmt":"2008-10-28T13:28:19","guid":{"rendered":"http:\/\/www.joewhite.com\/?p=683"},"modified":"2008-10-28T08:28:22","modified_gmt":"2008-10-28T13:28:22","slug":"it-was-all-hogwash","status":"publish","type":"post","link":"https:\/\/www.joewhite.com\/ramble\/2008\/10\/it-was-all-hogwash\/","title":{"rendered":"It was all hogwash"},"content":{"rendered":"<p><a href=\"http:\/\/feedproxy.google.com\/~r\/reason\/HitandRun\/~3\/Yo_pBidXvGU\/129697.html\">Reason: Is it Too Late for a Do-Over?<\/a>:<br \/>\n&#8220;Three scholars associated with the Federal Reserve Bank of Minneapolis decided to do a little quick fact-checking of &#8220;widely held claims about the nature of the [financial] crisis and the associated spillovers to the rest of the economy,&#8221; and put their findings in a new <a href=\"http:\/\/woodrow.mpls.frb.fed.us\/research\/WP\/WP666.pdf\">working paper<\/a> [PDF]. What&#8217;d they learn?<\/p>\n<blockquote><p>The financial press and policymakers have made the following four claims about the nature of the crisis.<\/p><\/blockquote>\n<blockquote><p>1. Bank lending to nonfinancial corporations and individuals has declined sharply.<\/p><\/blockquote>\n<blockquote><p>2. Interbank lending is essentially nonexistent.<\/p><\/blockquote>\n<blockquote><p>3. Commercial paper issuance by nonfinancial corporations has declined sharply, and rates have risen to unprecedented levels.<\/p><\/blockquote>\n<blockquote><p>4. Banks play a large role in channeling funds from savers to borrowers.<\/p><\/blockquote>\n<blockquote><p>Here we examine these claims using data from the Federal Reserve Board. Our argument that all four claims are false is based on data up until October 8, 2008.<\/p><\/blockquote>\n<p>Whole thing, well worth a read (and probably a drink), <a href=\"http:\/\/woodrow.mpls.frb.fed.us\/research\/WP\/WP666.pdf\">here<\/a>.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reason: Is it Too Late for a Do-Over?: &#8220;Three scholars associated with the Federal Reserve Bank of Minneapolis decided to do a little quick fact-checking<\/p>\n","protected":false},"author":647,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[],"class_list":["post-683","post","type-post","status-publish","format-standard","hentry","category-random-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pekNN-b1","_links":{"self":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/users\/647"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/comments?post=683"}],"version-history":[{"count":0,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/683\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/media?parent=683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/categories?post=683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/tags?post=683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}